85-Year-Old Investor Loses Rs 22 Crore in WhatsApp Group Investment Scheme Using Simulated Trading App
An 85-year-old retired industrial consultant from Pune recently became the victim of an elaborate online trading scam, resulting in losses exceeding Rs 22 crore over a span of three months. The scheme involved a seemingly legitimate trading app and coordinated social media communications.
Fake Trading Network and Social Media Manipulation
The victim was added to a group on WhatsApp labeled ‘Special Training Team’, where members posing as market experts offered personalized investment guidance. He was encouraged to download a mobile trading application, which appeared authentic but was designed to simulate profits artificially.
Over time, the victim shared sensitive financial information and bank details as instructed by the group administrators. Initial “profits” displayed within the app prompted additional investments, creating a false sense of security and trust. The victim reportedly completed nearly 80 transactions, transferring over Rs 22 crore to accounts controlled by the fraudsters, while the app showed fictitious gains of Rs 45 crore.
In-Person Meetings and Early Payouts
Scammers reportedly organized in-person meetings at local hotels to explain their trading model and operational setup. Early small payouts were provided to further convince the victim of the scheme’s legitimacy. This combination of online persuasion and face-to-face interactions made the operation appear credible.
Police Involvement and Investigation
The fraud was reported to the Cyber Crime Police Station by the victim and his family. Authorities have filed an FIR and are actively investigating the individuals behind the scheme, tracing the funds across multiple accounts. Officials continue to caution the public about scams exploiting social media groups and mobile trading applications.
BrokersView reminds you, if you suspect a website is fraudulent or have fallen victim to a financial scam, you can Submit a Complaint to BrokersView.
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